6th Oct 2021 11:46
Topps Tiles PLC - Enderby, England-based tile retailer - Reports a record year of turnover as it benefits from craze for renovating homes during pandemic lockdowns. Revenue for the 53-week period the ended October 2 was around GBP227.5 million, or GBP222.5 million on a comparable 52-week basis, up from GBP192.8 million the previous year. Adjusted pretax profit is now expected to be slightly above consensus forecasts for the financial year.
Like-for-like sales in the final quarter were strongly ahead of 2019 and also above the same period in 2020, when sales bounced back strongly following the first national lockdown. Retail like-for-like sales were up 3.0% in the final quarter from a year previously and up 22% from two years before. Commercial division sales have continued to grow as key market sectors re-open, Topps Tiles notes, 15% higher than last year at around GBP8.6 million
"The group has delivered an excellent final quarter and we have achieved a record level of annual revenue, despite operating with trading restrictions for significant parts of the year," says Chief Executive Rob Parker. "We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements."
Topps expects to reinstate a dividend payout at the end of the year, with a final payment relating to the whole financial year, rather than just the second half.
Topps will announce its annual results on November 30.
Current stock price: 62.60 pence
Year-to-date change: up 8.7%
By Will Paige; [email protected]
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